Republic Bank Completes Acquisition of CBank
15 Março 2023 - 6:15PM
Business Wire
Republic Bancorp, Inc. (NASDAQ: RBCAA) (“Republic” or the
“Company”), the parent company of Republic Bank & Trust Company
(“Republic Bank” or the “Bank”), is pleased to announce the Bank
has completed its previously announced merger with CBank and
CBank’s wholly owned subsidiary, Commercial Industrial Finance,
Inc. (“CIF”), for approximately $51 million in cash.
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Logan Pichel, President & CEO,
Republic Bank & Trust Company (Photo: Business Wire)
“We are excited about our further expansion into the Cincinnati
area and the long-term value the CBank merger presents to our
shareholders. Combining CBank’s strength in commercial lending and
private banking with Republic’s capital and resources is a gain for
the combined organization’s clients and associates,” said Logan
Pichel, Republic Bank President & CEO. “In addition, the
acquisition of CIF greatly expands our existing equipment financing
and leasing operations and provides a national footprint for these
services.”
“The CBank team is so pleased to join forces with Republic Bank
— one of the most reputable financial institutions in this region —
to expand offerings and enhance the banking experience for our
combined current and prospective customers,” said CBank’s CEO, Dean
Meiszer.
Republic Bank’s Cincinnati/Northern Kentucky Market President,
Tom Saelinger, believes this new business combination will benefit
not only customers but also the entire community. “Republic Bank’s
commitment and success in the region is a source of pride for
lifelong natives, like me. I’m confident that working with CBank’s
experienced team of bankers will further the momentum we’ve
developed in the Greater Cincinnati area and allow us to make even
more of an economic impact.”
As of December 31, 2022, the combined assets of CBank and
Republic would have been approximately $6.1 billion. The merger is
expected to be accretive to Republic’s Diluted Earnings per Class A
Common share during the first twelve months, post-merger. With the
completion of the merger, Republic Bank now has seven banking
centers in the Cincinnati metropolitan area and 44 banking centers
throughout Republic’s entire network in five states.
About Republic Bank
Republic Bancorp, Inc. (the “Company”) is the parent company of
Republic Bank & Trust Company (the “Bank”). The Bank currently
has 44 full-service banking centers throughout five states: 29
banking centers in nine Kentucky communities – Bellevue, Covington,
Crestview Hills, Florence, Georgetown, Lexington, Louisville,
Shelbyville, and Shepherdsville; three banking centers in southern
Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven
banking centers in six Florida communities (Tampa MSA) – Largo, New
Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace;
two banking centers in two Tennessee communities (Nashville MSA) –
Cool Springs and Green Hills; and three banking centers in three
Ohio communities (Cincinnati MSA) – Kenwood, Norwood and West
Chester. The Bank offers internet banking at www.republicbank.com.
The Company is headquartered in Louisville, Kentucky and, as of
December 31, 2022, had approximately $5.8 billion in total assets.
The Company’s Class A Common Stock is listed under the symbol
“RBCAA” on the NASDAQ Global Select Market.
Forward-Looking Statements
This Press Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The forward-looking statements in the preceding paragraphs
are based on our current expectations and assumptions regarding our
business, the acquired business of CBank and its affiliates, the
economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. We caution
you, therefore, against relying on any of these forward-looking
statements. They are neither statements of historical fact nor
guarantees or assurances of future performance. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements include the ability to retain and
grow CBank loan and deposit balances post-merger, unanticipated
post-merger loan losses for Republic on CBank-originated loans, the
ability of Republic to integrate acquired operations including
obtaining synergies, integration objectives and anticipated
timelines, the ability of Republic to integrate, manage and keep
secure our information systems, and other factors set forth as
“Risk Factors” at Part II, Item 1A in the Company’s Form 10-K for
the period ended December 31, 2022, which has been filed with the
Securities and Exchange Commission and is available on Republic’s
website (www.republicbank.com) and on the Securities and Exchange
Commission’s website (www.sec.gov).
Any forward-looking statement made by us in this Press Release
speaks only as of the date on which it is made. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Republic Bank. It’s just easier here. ®
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Jim Ensign, Senior Vice President & Chief Brand Officer
(502) 584-3600
Republic Bancorp (NASDAQ:RBCAA)
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